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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of AFS and HTM Securities

The following tables summarize the Company's investment in AFS and HTM securities by major security type:

(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
March 31, 2025
Investment securities available-for-sale:
U.S. agency securities						$	570,988					$	—					$	(33,079)					$	—					$	537,909
Residential mortgage-backed securities						695,732						35						(78,373)						—						617,394
Commercial mortgage-backed securities						52,795						—						(3,589)						—						49,206
Municipal bonds						8,562						—						(674)						—						7,888
Corporate bonds						2,000						—						(160)						—						1,840
Total available-for-sale securities						$	1,330,077					$	35					$	(115,875)					$	—					$	1,214,237

(dollars in thousands)						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses												Estimated Fair Value
March 31, 2025
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	592,109					$	—					$	(74,975)											$	517,134
Commercial mortgage-backed securities						88,197						—						(11,485)												76,712
Municipal bonds						114,001						—						(10,879)												103,122
Corporate bonds						131,441						—						(7,879)												123,562
Total						$	925,748					$	—					$	(105,218)											$	820,530
Less: allowance for credit losses						(1,275)
Total held-to-maturity securities, net of ACL						$	924,473

(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
December 31, 2024
Investment securities available-for-sale:
U.S. treasury bonds						$	24,988					$	—					$	(212)					$	—					$	24,776
U.S. agency securities						600,277						—						(41,742)						—						558,535
Residential mortgage-backed securities						719,815						36						(94,535)						—						625,316
Commercial mortgage-backed securities						53,248						—						(4,303)						—						48,945
Municipal bonds						8,607						—						(593)						—						8,014
Corporate bonds						2,000						—						(160)						(22)						1,818
Total available-for-sale securities						$	1,408,935					$	36					$	(141,545)					$	(22)					$	1,267,404

(dollars in thousands)						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses												Estimated Fair Value
December 31, 2024
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	605,904					$	—					$	(85,941)											$	519,963
Commercial mortgage-backed securities						88,575						—						(13,069)												75,506
Municipal bonds						114,060						—						(11,389)												102,671
Corporate bonds						131,414						—						(9,172)												122,242
Total						$	939,953					$	—					$	(119,571)											$	820,382
Less: allowance for credit losses						(1,306)
Total held-to-maturity securities, net of ACL						$	938,647

Schedule of Unrealized Losses and Fair Value by Length of Time

The following tables summarize, by length of time, the Company's AFS securities that have been in a continuous unrealized loss position and HTM securities that have been in a continuous unrecognized loss position:

												Less than 12 Months												12 Months or Greater												Total
(dollars in thousands)						Number of Securities						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
March 31, 2025
Investment securities available-for-sale:
U.S. agency securities						70						$	—					$	—					$	537,909					$	(33,079)					$	537,909					$	(33,079)
Residential mortgage-backed securities						148						7,398						(39)						608,722						(78,334)						616,120						(78,373)
Commercial mortgage-backed securities						13						—						—						49,206						(3,589)						49,206						(3,589)
Municipal bonds						1						—						—						7,888						(674)						7,888						(674)
Corporate bonds						1						—						—						1,840						(160)						1,840						(160)
Total						233						$	7,398					$	(39)					$	1,205,565					$	(115,836)					$	1,212,963					$	(115,875)

												Less than 12 Months												12 Months or Greater												Total
(dollars in thousands)						Number of Securities						Estimated Fair Value						Unrecognized Losses						Estimated Fair Value						Unrecognized Losses						Estimated Fair Value						Unrecognized Losses
March 31, 2025
Investment securities held-to-maturity:
Residential mortgage-backed securities						138						$	—					$	—					$	517,134					$	(74,975)					$	517,134					$	(74,975)
Commercial mortgage-backed securities						16						—						—						76,712						(11,485)						76,712						(11,485)
Municipal bonds						35						—						—						102,122						(10,879)						102,122						(10,879)
Corporate bonds						30						1,935						(70)						111,598						(7,809)						113,533						(7,879)
Total						219						$	1,935					$	(70)					$	807,566					$	(105,148)					$	809,501					$	(105,218)

												Less than 12 Months												12 Months or Greater												Total
(dollars in thousands)						Number of Securities						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
December 31, 2024
Investment securities available-for-sale:
U.S. treasury bonds						1						$	—					$	—					$	24,776					$	(212)					$	24,776					$	(212)
U.S. agency securities						71						2,300						(8)						556,235						(41,734)						558,535						(41,742)
Residential mortgage-backed securities						148						7,530						(128)						616,392						(94,407)						623,922						(94,535)
Commercial mortgage-backed securities						13						—						—						48,945						(4,303)						48,945						(4,303)
Municipal bonds						1						—						—						8,014						(593)						8,014						(593)
Corporate bonds						1						—						—						1,818						(160)						1,818						(160)
Total						235						$	9,830					$	(136)					$	1,256,180					$	(141,409)					$	1,266,010					$	(141,545)

												Less than 12 Months												12 Months or Greater												Total
(dollars in thousands)						Number of Securities						Estimated Fair Value						Unrecognized Losses						Estimated Fair Value						Unrecognized Losses						Estimated Fair Value						Unrecognized Losses
December 31, 2024
Investment securities held-to-maturity:
Residential mortgage-backed securities						140						$	—					$	—					$	519,963					$	(85,941)					$	519,963					$	(85,941)
Commercial mortgage-backed securities						16						—						—						75,506						(13,069)						75,506						(13,069)
Municipal bonds						36						4,026						(75)						98,645						(11,314)						102,671						(11,389)
Corporate bonds						30						1,928						(77)						110,280						(9,095)						112,208						(9,172)
Total						222						$	5,954					$	(152)					$	804,394					$	(119,419)					$	810,348					$	(119,571)

Schedule of Amortized Cost and Estimated Fair Value of Investments AFS by Contractual Maturity

The following table summarizes the Company's investment in AFS securities and HTM securities by contractual maturity. Expected maturities for mortgage-backed securities ("MBS") will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						March 31, 2025
(dollars in thousands)						Amortized Cost						Estimated Fair Value
Investment securities available-for-sale:
Within one year						$	156,396					$	153,945
One to five years						340,645						319,023
Five to ten years						65,175						58,051
Beyond ten years						19,334						16,618
Residential mortgage-backed securities						695,732						617,394
Commercial mortgage-backed securities						52,795						49,206
Less: allowance for credit losses						—						—
Total investment securities available-for-sale						$	1,330,077					$	1,214,237
Investment securities held-to-maturity:
Within one year						$	6,948					$	6,925
One to five years						64,904						63,184
Five to ten years						118,431						107,829
Beyond ten years						55,159						48,746
Residential mortgage-backed securities:						592,109						517,134
Commercial mortgage-backed securities						88,197						76,712
Less: allowance for credit losses						(1,275)						—
Total investment securities held-to-maturity						$	924,473					$	820,530
Total						$	2,254,550					$	2,034,767

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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